The battle for Warner Bros. Discovery appears to be heading toward a decisive moment — and Paramount may be on the losing side. According to people familiar with the discussions, the WBD board is expected to recommend shareholders vote against Paramount’s massive $108.4 billion takeover bid, with a formal decision possibly announced as early as Wednesday.
If that happens, it would effectively shut the door on Paramount’s last-ditch effort and reaffirm Warner Bros. Discovery’s commitment to a rival deal led by Netflix.
Why the Board Is Leaning Away From Paramount
Sources indicate that Warner Bros. Discovery’s leadership remains aligned with Netflix’s earlier $72 billion cash-and-stock deal for the company’s non-cable assets. That agreement already positioned Netflix as the frontrunner in the race to secure Warner’s prized film and television library.
Those assets include:
- Warner Bros.’ legendary film studio
- An iconic catalog spanning Casablanca, Citizen Kane, Harry Potter, and Friends
- HBO and the HBO Max streaming platform
Whoever controls this library gains a major edge in the global streaming wars, making the stakes unusually high.
A Warner Bros. Discovery spokesperson declined to comment on the ongoing deliberations.
Paramount’s Bold — and Risky — Countermove
After Netflix emerged as the preferred bidder earlier this month, Paramount CEO David Ellison took a different approach. Instead of negotiating quietly, Paramount went directly to WBD shareholders with a $30-per-share, all-cash offer for the entire company.
In regulatory filings, Paramount argued that:
- Its bid is financially superior to Netflix’s offer
- It would face fewer regulatory hurdles
- It provides immediate liquidity to shareholders
The deal was structured with:
- $41 billion in new equity, backed by the Ellison family and RedBird Capital
- $54 billion in debt financing, committed by Bank of America, Citi, and Apollo
On paper, it was bold. In practice, it may not have been enough.
Netflix’s Strategic Advantage
Netflix’s earlier win for Warner’s non-cable assets is widely viewed as a strategic masterstroke. Locking in Warner Bros.’ library would dramatically strengthen Netflix’s long-term content moat at a time when streaming growth is slowing and libraries matter more than volume.
Industry insiders say the WBD board sees Netflix as the cleaner, more predictable partner, even if Paramount’s offer carries a higher headline number.
A Shifting Financing Landscape
Adding another twist, Jared Kushner’s Affinity Partners, which had been one of Paramount’s financing backers, is now exiting the race, according to reports. That development has only added to doubts about the long-term stability of Paramount’s bid.
Neither Paramount nor Affinity Partners immediately responded to requests for comment.
Final Words
What started as a dramatic three-way fight for one of Hollywood’s most valuable content empires is now narrowing fast. With Warner Bros. Discovery’s board expected to back Netflix and advise shareholders to reject Paramount’s offer, the streaming giant looks set to walk away with one of the deepest libraries in entertainment history.
If confirmed, the decision would reshape the balance of power in streaming — and mark a significant setback for Paramount’s ambitions.
